Apecoin Recent Developments Might Attract Whales. Here’s Why.

Jay Crypto

Blogger

We will explore how Apecoin’s recent developments might be appealing to the Ethereum whales. Let’s delve into the current market situation first. 

Current Market Outlook of Apecoin 

As of now, CoinMarketCap shows that APE is trading above the $5.4 price mark with daily gains exceeding 1%. The 1-month charts show ApeCoin (APE) up 5.84% to $5.93, leading recent market gainers. The 30-day and 90-day charts for the coin are all in the green, with a corresponding ROI rise of 14% and 36%. With this recent correction, the asset has lost more than 45% of its daily trading volume reaching $167 million. 

The 36th-ranked crypto asset has lost more than 1% of its market cap reaching $5.34 billion. The APE price has tanked by more than 85% from its all-time high of $39.40. Apecoin’s recent development might attract the whales to the ecosystem. 

CoinMarketCap 

Apecoin is making strides in the ecosystem by leading the bullish rally in the crypto ecosystem. The whales’ interest in the asset is increasing due to Apecoin’s recent developments. When ApeCoin [APE] fell from its early August two-month peak, it found a strong base at the $4.2 level. On the four-hour timescale, this rebound took the form of a bullish pattern, paving the way for a narrative that is positive in the near term. 

Let’s explore what is happening in the ecosystem to understand the cause of whales’ interest in the asset. 

What’s Happening in the APE Ecosystem? 

Since the Bored Ape Yacht Club (BAYC) coin has been able to attract Ethereum whales' attention, ApeCoin is not "monkeying" around. The community of ApeCoin has recently put out several suggestions. The activities surrounding the BAYC coin may also have contributed to the whales' interest in this alternative currency. 

A cryptocurrency whale activity tracker called Whalestats tweeted that ApeCoin had ranked among the top 10 by trading volume among the top 100 Ethereum whales over the previous 24 hours.

Twitter 

Positive Outlook of APE 

Other advantages for APE exist in addition to the interest in whales. Over the previous month, the Market Value to Realized Value (MVRV) has seen constant growth and has been in positive territory. Potential investors may interpret this as a strong bullish sign for the coin. Additionally, at the time of publication, Apecoin's market cap had increased from $1.46 billion to $1.63 billion.

According to analysts, the coin has a great possibility of breaking over the strong resistance since more buyers will join the trend. On the other hand, given that charts clearly demonstrate a bearish symmetrical triangular formation in consolidation, it will continue to be bearish. 

Santiment 

It's time to focus on the shortcomings instead of the good things. The performance of Apecoin on social media has not been good. The monkey coin's social mentions and engagements have declined by -37.7% and 36.82%, respectively, over the past month. The volume of Apecoin has also decreased. The volume decreased during the past week, falling from 590.45 million to 249.14 million as of press time, as indicated in the graph below. 

What’s Next? 

APE has added more than 1% during the previous 24 hours and was trading above $5.4 at the time of writing. Over the past several days, the token was seen attempting to break through the $6.085 resistance. The scenario, however, indicated that the price would soon drop below the $5.197 support level. Both the Chaikin Money Flow (CMF) and the Relative Strength Index (RSI) indicated a pessimistic outlook.

TradingView 

The RSI was at 39.74 at the time of publication, indicating that momentum was currently in favor of the seller. The CMF, which was at -0.04, also showed a slightly gloomy picture. Apecoin’s recent developments might attract the whales, which can easily take control of the price for their benefit. 

Conclusion 

The rising interest of whales shows that we might see extreme volatility in APE prices in the next coming days. Whales are on a hunt, so invest carefully. DYOR!!